Two Types of Female Entrepreneurs Plan for the Future
February 8, 2021 Steven Murphy
In running a business, planning is key. A plan provides direction for many business elements, from product development to budgeting to hiring. So how does a business owner best create a plan? It depends on her style and her needs, and the needs of the business.
Sometimes creating a plan for a companys future is as simple as creating the vision. While some entrepreneurs started their businesses with crystal clear ideas of what they wanted their companies to do within the next 5 or even 10 years, others hit the ground running and didnt slow down enough to strategize. This article outlines several ideas that two different types of business owners may consider while shaping the futures of their businesses.
Accidental Jane is a successful, confident business owner who never actually set out to start a business. Instead, she may have decided to start a business due to frustration with her job or a layoff and then she decided to use her business and personal contacts to strike out on her own. Or, she may have started making something that served her own unmet needs and found other customers with the same need, thus giving birth to a business. Although Accidental Jane may sometimes struggle with prioritizing what she needs to do next in her business, she enjoys what she does and is making good money. About 18% of all women business owners fit the Accidental Jane profile.
Accidental Jane business owners often started their businesses by accident; after having been laid off, or to create a product they needed but couldnt find, or to get out of corporate politics. They sought to leverage their unique talents and interests. Rather than developing a grand plan for a big company, they simply wanted to get paid for work they enjoy. Accidental Jane defines success by having just the right amount of income and work, and by having the ability to make her own rules, set her own schedule, choose who to work with and what to work on, and feeling happy with her life. Accidental Jane business owners are more likely, on average, than other business owners to report feeling satisfied with how much they work, the costs of running their businesses, their stress level and their revenue. Because her business often started as an evolution of circumstances, Accidental Jane often lacks a clear vision and mostly, responds to the markets needs.
This type of entrepreneur is exceptionally good at what she does. So over time, demand is sure to increase. When it comes to planning for the future, then, Accidental Jane must make a decision: should she remain an Accidental Jane, and enjoy her Accidental Jane lifestyle? Or should she change her type and go big?
Here are some considerations an Accidental Jane business owner might want to make, with regard to the future:
· Remaining an Accidental Jane means eventually saying no to new work if the workload exceeds what is comfortable. It means hiring a team (which may make Accidental Jane feel tied down). It might also mean raising rates as a way to tamp down high demand. These may seem like difficult decisions for someone who loves being a solo-preneur, loves her freedom and also loves her customers.
· Trying to remain an Accidental Jane means the possibility of becoming another type of entrepreneur but Accidental Jane has the power to determine which type. If she continues to try to handle everything herself, she may become a Go Jane Go, overwhelmed but financially successful. On the other hand, if she creates a great plan that includes hiring help, marketing her products and services, and continuing to work as dependably as she has been, then she may become a Jane Dough, a financially successful entrepreneur whos satisfied with her work-life balance.
Tenacity Jane is an entrepreneur with an undeniable passion for her business, and one who tends to be struggling with cash flow. As a result, she’s working longer hours, and making less money than she’d like. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes make up the largest group of female entrepreneurs.
More than any of the other types of business owners, Tenacity Jane will benefit from some serious planning. Because shes a big-picture gal, Tenacity Jane often lacks the focus she needs to drive her business forward.
Tenacity Janes best planning steps:
While some business owners launch their companies with detailed plans as to what their futures hold, others have started and run their businesses for months or even years before they begin to create solid blueprints. One thing remains true for them all: its easier to travel toward the future if the future is visible. Sometimes planning for the future is as simple as planning for the future.
Interested in learning more about the five Jane types and which Jane you are? Check out www.janeoutofthebox.com.
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